IDG WeChat qr Code
Hugo Shong, IDG Capital's founding chairman, joined a panel of financial experts at the World Economic Forum in Davos, Switzerland to discuss China's slowing economic growth. China once routinely experienced 8% annual GDP growth, Shong said, but“now we have 6.6 (%). Given the size of the economy, it is a pretty good number.”Joining Shong on the panel was Christine Lagarde, Managing Director of the International Monetary Fund (IMF). The same day Shong joined his panel, CNBC also interviewed IDG Capital Co-Chairman Jim Breyer.“I am really hopeful,”Breyer said, that U.S. and Chinese companies will“build, often together, in different parts of the world. India will be the next showdown.”
Club Factory, a Hangzhou-based cross-border fashion e-retailer backed by IDG Capital, is now India's second largest fashion e-commerce platform. After three years in India, the Club Factory app controls 31% of the country's fashion e-commerce app market. The app now processes 25,000 orders every day for up to 40 million Indian users. India's top 10 fashion e-commerce sites, measured in reach and market share, now also include Shein, another IDG Capital-backed fashion e-retailer.
Castbox, based in San Francisco, is now the world's No. 1 podcast-dedicated audio streaming app, according to mobile app research firm Sense Tower. The firm now transcribes all its podcasts to help listeners search the Castbox library using specific terms and topics that interest them. Since 2016, IDG Capital has joined several funding rounds in Castbox, which is now regarded as a competitor to audio streaming giants Spotify and Pandora in podcast.
China's top bike-sharing firm Mobike will change its name to Meituan Bike after Meituan Dianping, the Chinese food delivery giant, acquired it last April. Listed on the Hong Kong Stock Exchange, Meituan Dianping is China's largest provider of on-demand online services with more than 46,000 employees and $6.42 billion in annual revenues. The company says it can now offer integrated bike-rental services to more than 310 million customers. IDG Capital invested in Meituan Dianping in 2017.
Coinbase, a San Francisco-based cryptocurrency exchange, has acquired Blockspring, which collects and analyze data for Application Programming Interfaces (APIs). Coinbase, currently valued at $8 billion, claims 20 million users worldwide and $150 billion in cryptocurrency trades. IDG Capital was an angel investor in Coinbase.
IDG Capital joined a $100 million Series C round for Kang Sheng Health Management, China's leading diabetes management platform. The Hangzhou-based firm, founded in 2014, generated $145.5 million in revenues last year. With more than 10 million registered users, Kang Sheng Health currently serves about 1,000 Chinese hospitals and plans to expand to a total of more than 5,000 hospitals in 2019.
Zoox, a Foster City, Calif.-based autonomous vehicle startup, named veteran Intel executive Aicha Evans as its new CEO. Evans, who spent 12 years at Intel in a variety of leadership roles, is one of the highest-profile black women to take a leadership position in Silicon Valley. Zoox also recently received a permit to test driverless vehicles in California. The company, currently valued at $3.2 billion, has 700 employees and completed a $500 million financing round in August. IDG Capital invested in Zoox in 2016.
IDG Capital has joined a Series C financing round in Haokang Information Technology, which operates Homeking, a popular Chinese housekeeping online-to-offline service. Established in 2010, the company stocks products and services for home cleaning, cooking, deep cleaning and wardrobe arrangement. With more than 10,000 employees, Haokang also offers housekeeping services in 26 mainland Chinese cites, serving 3.5 million homes. The company, which had annual revenues of $129.6 million last year, recently launched a domestic helper training system in the Philippines and plans to expand into Hong Kong, Macau and the Middle East.
IDG Capital joined a $59 million Series D funding round in Medbanks Network Technology, a Beijing-based firm providing a data platform for hospitals, oncologists and cancer centers. Founded in 2014, Medbanks provides products and services for managing all stages of oncology treatment. The firm currently has partnerships with more than ten Chinese national insurance companies. It also provides products and services to pharmacies in 649 Chinese counties. Medbanks said it will use its latest investment to expand a clinical network and improve database systems.
Atificial intelligence (AI) startup SenseTime recently opened a self-driving test park in Joso, Japan following an agreement with automaker Honda in 2017. The company said it will use the new facility for R&D and road tests. The highest-valued AI startup in the world, $4.5 billion-valued SenseTime is best known for its face recognition technology widely applied to different industries in China. IDG Capital started investing in SenseTime in 2014.
IDG Capital joined a Series B2 round in Benewake, a Beijing-based provider of solid-state LiDAR sensors and solutions to guide autonomous vehicles, drones and home robots. The firm currently sells sensor products in multiple markets, including Western Europe, North America, India, Asia, the Middle East, Russia, Australia and South Africa. In 2015, IDG Capital invested in Benewake's A round, the year the company was formed.
Meituan Dianping, the Hong Kong-listed food delivery giant backed by IDG Capital, announced strategic cooperation agreements this week at the Consumer Electronics Show in Las Vegas with the Valeo in France, Nvidia in the U.S. and Icona in Italy. Meituan said it will work with all three smart-car partners to utilize big data, artificial intelligence and other technologies for driverless food delivery. Meituan now has $6.4 billion in annual revenues and 46,600 employees, including operations in 2,800 Chinese cities. It recently conducted driverless delivery tests in Beijing and Shenzhen.
Following the acquisition of sneaker marketplace Stadium Goods, British luxury fashion retail platform Farfetch continues to expand into the streetwear market through partnerships with Vexed Generation, a British streetwear label, and Byronesque, a U.K.-based vintage fashion e-retailer. Farfetch went public on the New York Stock Exchange (NYSE) in September 2018 and generated $132 million in revenue in Q3 last year. IDG Capital joined Farfetch’s Series F funding round in 2016.
Participating in 69 early-stage deals and leading 43 deals in 2018, IDG Capital was the world's most active early-stage investor and ranked 8th among global lead investors in 2018. IDG Capital's successful exits last year through IPOs included smartphone manufacturer Xiaomi, social e-commerce website Pinduoduo, electric vehicle manufacturer NIO and luxury fashion retail platform Farfetch.
OrigiMed, which provides molecular diagnostic medicine for cancer patients, has completed a Series B funding round. The Chinese firm said it will use the latest investment, to expand its medicine data platform. IDG Capital was an angel investor in OrigiMed in 2016.
IDG Capital acquired 30.1% of Acne Studios, a global fashion retailer, making it the company's largest single institutional investor. Founded in Stockholm in 1996, Acne Studios has grown from a niche supplier of denim wear into a diversified upscale brand with over 50 stores in 13 countries, $221 million in annual revenues in 2018 and $35 million in operating profit. Acne's latest investment round is expected to enhance the firm's market presence in Asia and especially China. IDG Capital also previously invested in two other global fashion giants, Farfetch and Moncler.IDG Capital acquired 30.1% of Acne Studios, a global fashion retailer, making it the company's largest single institutional investor. Founded in Stockholm in 1996, Acne Studios has grown from a niche supplier of denim wear into a diversified upscale brand with over 50 stores in 13 countries, $221 million in annual revenues in 2018 and $35 million in operating profit. Acne's latest investment round is expected to enhance the firm's market presence in Asia and especially China. IDG Capital also previously invested in two other global fashion giants, Farfetch and Moncler.